Couple stunned by potential savings
Get pensions news and advice plus latest money alerts for FREE now
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Anita Rani and her team of experts helped Rai and her husband MK see the errors of their ways and set them on the path to saving for their dream holiday by cutting down on their spending. Rai was concerned about the lack of money they had left at the end of the month.
She told Anita: “We are really struggling in terms of saving and knowing how to save and where to save.”
The couple bring in around £3,000 each month and they live completely rent free in Rai’s parents house as she left her job in the NHS to become her father’s full-time live-in carer.
But despite paying no rent, their debts are spiralling and Rai felt her husband was to blame do his “shopping addiction”.
She hoped to be able to use the saved up cash to take her dad to America so he can see his brother as they have not seen each other in a while.
Secret spenders airs on Channel 4 (Image: CHANNEL 4)
Rai sadly lost her mum a few years back, she thought it was important for her dad and uncle to reunite as they are both ill.
Finance expert Peter Komolafe reassured MK not to feel nervous as he just wanted to help them save money and structure their finances.
He suggested ways in which the couple could learn to budget and save their money.
By following a budget, the couple could be debt free within seven months.
Mr Komolafe said: “The important thing is, after all of this is done, cut the card up.
“Don’t keep it.”
By following the advice given, Rai and MK could save almost £20,000.
In shock, Rai said: “Wow, no way! That’s a lot of money.”
Rai and MK could save almost £20,000 (Image: CHANNEL 4)
MK loves to buy clothes and spends almost £1,500 each month. If he quarters this, and spends £375, the couple could save £13,500 each year.
As MK is always shopping, he has a lot of unworn clothes in his wardrobe with the tag on.
If he can sell these clothes in his wardrobe with tags on, he could make up to £750 at once.
As Rai is usually pre-occupied taking care of her father, the couple often get take aways or go out to restaurants to eat.
By halving their take away budget from £866 to £433 each month, they can save up to £5,000 a year.
All these adjustments can see the couple saving £19,746.
Amazed at the saving, MK said: “You have not gone out of your way to ask me to stop anything. I can still continue doing what I’m doing in a reasonable sense.
“Makes a lot of sense.”
He continued: “It was a shock to see that number to be honest and I’m still in the process of figuring it out.”
Secret Spenders is available on All 4. Next airs Thursday 8pm on Channel 4.